WTI reaches two-week highs at $88.00 due to a weak US Dollar

The benchmark for US crude oil, Western Texas Intermediate (WTI), has surged by close to 4%. US inventories increased by 2.6 million barrels, above expectations but falling short of Tuesday’s API increase of 4.5 million. After reclaiming the 20/50-day simple moving averages, a rise toward $90.00 is almost probable to occur in the WTI market.